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Times are tough with the credit crunch!

Guest post by: Russell Bowyer

Article Overview: As times are tough both for householders and businesses alike this is when it is important to make sure your business is operating to the optimum. Also, you may be having cash flow difficulties and be looking to raise some cash from the bank. Now, I thought that it would be difficult to get a loan, however, I recently saw my bank manager (who is from Barclays as it happens) for one of my businesses and he said that they are encouraging lending to businesses. His comment was that Barclays had been a bit tight with their lending over recent years so they are looking to expand their lending book. So if you are doing some cash flows and things are not looking so good and you have been listening to the news out there - things might not be as bad as they seem on the face of it.

Times are tough with the credit crunch!

As times are tough both for householders and businesses alike this is when it is important to make sure your business is operating to the optimum. Also, you may be having cash flow difficulties and be looking to raise some cash from the bank. Now, I thought that it would be difficult to get a loan, however, I recently saw my bank manager (who is from Barclays as it happens) for one of my businesses and he said that they are encouraging lending to businesses. His comment was that Barclays had been a bit tight with their lending over recent years so they are looking to expand their lending book.

So if you are doing some cash flows and things are not looking so good and you have been listening to the news out there - things might not be as bad as they seem on the face of it. So speak with your bank manager and if he says no try Barclays or one of the other banks.

However, there is possibly a better way - if you take a look at "profit increase software" you might not actually need a loan afterall. This software, which uses Microsoft Excel to work will help you to identify ways to increase your profits and to make you focus on where your business can get increased income.

The most important thing to remember, and especially right now, is that your exisitng customers are your greatest asset, without which you would not have a business. Try thinking about what other products of services you could sell to your existing customers, instead of simply looking to attract new ones all of the time.

Look after what you have and not just look for new!

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Article Tags: barclays, business, cash flow difficulties, cash flows, credit crunch



Related Forum Posts
Re: Corporate / Business Credit - It's funny you bring this topic up. I have a friend that works for a large Canadian bank and he is a financial analyst and advisor for several businesses. With the recent economic crunch, many of his clients are coming in and seeking lines of credit and loans to suffice their operating costs. He forecasts a lot of his clients will be asking for credit until the economy turns around. Many of the loan managers are declining applications because the business owners applying for these credits are actually stating in their application that they need it because they have been unable to deal with the recent crunch. Unfortunately, they at the bank do not look at this favorably. If they lend money, they want to know it will come back. If you report net losses for the last 6 months and expect them to lend money to you, it's going to be terribly difficult. I think that is why you are seeing a lot of businesses apply for credit, but not actually receive any assistance from the banks. The banks are also in crunch time and need to be mitigating their own risk as best they can.
Re: Ever been scammed... - [quote="David Castro":19sru6ia]Have you guys ever wondered why we get so many pre-approved credit cards on the mail?[/quote:19sru6ia] ??? Pre Approved credit cards? Hows does that work? In the UK its pretty hard to get anything on credit now with the credit crunch, was easy a few years back they would give you anything!
Re: Just got laid off, new user - Welcome! Sorry to hear about the lay off. Times are really tough right now for anyone who isn't extremely wealthy. If you want to be your own boss and are willing to try sales, I'd like to talk to you about a lucrative reseller position that you could start with just a car, a smile, and a phone. I know sales isn't for everyone, but if you're willing to give it an honest try, 2 -3 sales per month could be a very good income. Let me know. Otherwise, be creative with what you know you already have going for you and I know you'll figure out a way to be a great entrepreneur!
Re: What Businesses to Bail Out? - A year after the government bailed out the big banks , the big automakers and one very big insurance company , the Obama administration seems to have finally gotten around to helping small business. In his weekly address on Saturday , the president shined the spotlight on small business owners and their struggle to get the credit they need to help get their businesses back on their feet. “These are the very taxpayers who stood by America’s banks in a crisis,” Obama said, “and now it’s time for our banks to stand by creditworthy small businesses and make the loans they need to open their doors, grow their operations and create new jobs.” Unfortunately , that’s easier said than done. It was one thing for the government to buy up stacks of bad debt and pump billions of dollars of liquidity into the financial system. It’s quite another to persuade a bank to lend money to a small business that, even in good times, may have a tough time making a go of it. That’s why it’s going to take more than browbeating banks and super-sizing SBA loans to get America’s small businesses off the respirator and out of the emergency room. It’s going to take revenue–sales generated by customers armed with paychecks, credit cards and home-equity credit lines who feel confident enough to start buying again. But with gun-shy banks and credit-card companies cutting consumer credit to the bone, small businesses are going to have a tough time making sales to customers who have to dig into their wallets and come up with cash. And with double-digit unemployment predicted to continue for many years to come, paychecks will also be in short supply.............
Avon/ Amway - Do these count as franchises? I saw an Amway commercial just a few days ago...first time I ever saw them advertise, that I can remember. Times must be tough when they have to start advertising. Avon. Amway. Pampered Chef. All kinds of programs where people have to go door to door...hard way to make a living, I'd've thought. Course I'm not a people person...


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